“Why are you so down on crypto, Patrick?” Because when Michael Lewis inevitably writes a book on the largest metafraud ever perpetuated, substantially encouraged and enabled by our industry, I would like him to be able to report “Not everyone in tech was blind to this.”https://twitter.com/CasPiancey/status/1133585910161821697 …
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How many people knew, I mean *really knew*, at what point Mt. Gox was insolvent? I *really knew* they were insolvent and my timeline was off by plural years; only discovered how overoptimistic I was after
@wizsecurity did forensic accounting on their history of frauds & hacks. -
I knew when the arbitrage opportunity between Mt Gox and Coinbase was like 30%
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Judging from the lopsided discussions on HN, Michael Lewis won't find many blind techies. I'm no expert, but off-hand I'd list Tether/Bitfinex, fake trades on exchanges, pump-and-dumpers and shitcoin exit scams (I know, that's four). Seems to me these are widely understood.
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And didn't we already have an implosion? If the constant drumbeat of thefts and scams amplified by a 90% price cut doesn't get the attention of retail investors and sophisticates, nothing will. As long as Bitcoin protocol isn't compromised, it's hard to imagine a greater shock.
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